Shares of ARS Pharmaceuticals, Inc. (NASDAQ:SPRY – Get Free Report) dropped 5.2% during mid-day trading on Friday . The company traded as low as $6.93 and last traded at $7.07. 478,563 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,621,714 shares. The stock had previously closed at $7.46.
Wall Street Analysts Forecast Growth
SPRY has been the topic of several research reports. Cantor Fitzgerald lifted their price objective on ARS Pharmaceuticals from $12.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Northland Securities assumed coverage on ARS Pharmaceuticals in a research report on Thursday, April 9th. They issued an “outperform” rating and a $25.00 target price for the company. Leerink Partners lowered their target price on ARS Pharmaceuticals from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Weiss Ratings upgraded ARS Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Finally, Wall Street Zen upgraded ARS Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.20.
Read Our Latest Stock Report on SPRY
ARS Pharmaceuticals Stock Down 2.9%
ARS Pharmaceuticals (NASDAQ:SPRY – Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.08). ARS Pharmaceuticals had a negative net margin of 200.00% and a negative return on equity of 153.61%. The business had revenue of $22.68 million for the quarter, compared to analysts’ expectations of $22.20 million. Equities analysts expect that ARS Pharmaceuticals, Inc. will post -1.95 earnings per share for the current fiscal year.
Insider Activity at ARS Pharmaceuticals
In related news, insider Eric Karas sold 25,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $250,000.00. Following the completion of the transaction, the insider owned 12,176 shares of the company’s stock, valued at $121,760. This trade represents a 67.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander A. Fitzpatrick sold 3,355 shares of the business’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $10.00, for a total transaction of $33,550.00. Following the transaction, the insider owned 90,910 shares of the company’s stock, valued at $909,100. This represents a 3.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 33.80% of the company’s stock.
Institutional Investors Weigh In On ARS Pharmaceuticals
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP raised its stake in shares of ARS Pharmaceuticals by 29.0% during the 1st quarter. Rubric Capital Management LP now owns 8,000,000 shares of the company’s stock valued at $64,240,000 after buying an additional 1,800,000 shares during the last quarter. Aberdeen Group plc grew its holdings in ARS Pharmaceuticals by 14.8% during the fourth quarter. Aberdeen Group plc now owns 3,556,049 shares of the company’s stock worth $41,428,000 after acquiring an additional 459,027 shares during the period. Vanguard Group Inc. grew its holdings in ARS Pharmaceuticals by 7.3% during the third quarter. Vanguard Group Inc. now owns 3,500,303 shares of the company’s stock worth $35,178,000 after acquiring an additional 237,630 shares during the period. State Street Corp raised its position in ARS Pharmaceuticals by 11.3% during the fourth quarter. State Street Corp now owns 3,223,581 shares of the company’s stock valued at $37,555,000 after acquiring an additional 328,325 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in ARS Pharmaceuticals during the fourth quarter valued at approximately $36,912,000. 68.16% of the stock is owned by institutional investors and hedge funds.
About ARS Pharmaceuticals
ARS Pharmaceuticals, Inc, a biopharmaceutical company, develops treatments for severe allergic reactions. The company is developing neffy, a needle-free and low-dose intranasal epinephrine nasal spray for the emergency treatment of Type I allergic reactions, including anaphylaxis. It serves healthcare professionals, patients, and caregivers. ARS Pharmaceuticals, Inc was founded in 2015 and is headquartered in San Diego, California.
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